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The checks and balances put inplace by the founders who designed the US Constitution with the two houses of parliament, the Supreme Court, the US Federal Reserve as central bank, and the state governments and large city governments, in a delicate system of balance. The entire house elected every 2 years and the presidency for 3+1 years 3 for governing and the 4th year of primaries and preparing for the next election are other forms of this checks and balances.

Jerome Powell at the Fed will be governor till Jan 2028 and Fed chair till May 2026. Powell plans to complete his term in office and preserve the Fed's independence as designed in the charter for the central bank.

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It was Doctors, the Bankers, Consultants, now it is Law Firms imposing outrageous costs on the economy. Law firms indirectly adding to the cost of doing business with outrageous per hour rates ($2500 per hour?), costs sure to be transferred to consumers and buyers in today's Cost of Living crisis. Another instance of price gouging in a different context that pushes up costs and prices, something Harris talked about in the debate.

There is a 30% jump in lawyer fees from $190,000 to $250,000, for junior associates since 2018. It is just not sustainable. Part of the problem is  hourly rates and companies such as Shell are looking for alternative arrangements- ones that make the final costs predictable and transparent.

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What is it like in Fushun, China? A city of 1.7 million in northern China it was a city that led in China's revolution against feudal regime and colonial occupation, and in cutting the birth rate. It is similar in size to Detroit, yet has only 5000 births compared to 20,000 in Detroit. Signs of aging are everywhere in Fushun as China's birthrate drops below 1.  For population to remain stable birthrate has to be 2.1. It is 0.7 in Fushun.

In Fushun most refineries and coal mines are closed. A third of the population is over 60 years old and half of the young people have left the city. In 10 years half of the population will be 60 years old. 

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Tariffs are unconventional tools for border security yet appropriate in situations such as these. Canada could have done this before a 25% tariff was announced by DJT- it would have been common sense for Canada to do what it did after the tariff before the tariff- put 10,000 frontline personnel at the Canadian border with the US, appoint a minister in charge of drug flows and fentanyl, and list cartels as terrorists. Considering the damage to the US from the border it was imperative that Canada, and Mexico took responsibility for the borders a long time ago. 

Within 24 hours of the Trump announcement of 25% tariff on Canada and Mexico the leaders of the two countries turned around to do what should have been done a long time back.

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China's central bank reduces its reserve requirement ratio, required money set aside by commercial banks and not used for lending. It lowered by half percentage point to 13% the amount of reserves Chinese banks are required to set aside. As the economy has cooled recently with trade tensions with the U.S., China's growth has slowed to 6%. The move frees up $126 billion for lending. In a speech this week president Xi used the word "struggle" over a dozen times. The State Council has plans to allocate more money for vocational training, to expand railways construction.  Analysts of S&P recently estimated China's economic growth over the next decade at 4.6% on average if the trade dispute gets to a stalemate, if trade dispute worsens it could drop to 3.7%. The trade dispute has dampened the mood at China Development Forum in Beijing, with attendees saying the distrust between the U.S. and China is based on deep concerns about each other. Besides the lending increase planned, the central government is pushing local governments to find projects to create jobs. Local governments fear this would worsen the already high debt burden they carry. ...

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Newcastle wins 2-1 over Liverpool at Wembley.

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PM Modi will lead a mass yoga event on International Yoga Day 2022 on the Mysuru Palace Grounds. The theme this year is "Yoga for Humanity" and 2.5 million people will take part in various events around the world.

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Cities that have spent a lot of money in expanding cycling infrastructure are shown in these pictures from DW.com. Copenhagen is where the Tour De France will start this year. Other cities are Paris, Amsterdam, Munster, Barcelona, Basel and Trondheim.

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The opening of new factories in America, the revival of manufacturing, gives a boost to companies producing steel and excavators. Nicor and Caterpillar benefit from the investments in manufacturing in the US under Biden's Make in America plan. 

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This report in the WSJ shows the legal proceedings from the January 6 US Capitol riots in the nation's capital following the election of president Biden. The riots were seen as an attempt to stifle democratic norms.

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Two Stanford Law professors and their son who headed FTX a cryptocurrency firm that went into bankruptcy with large losses to investors form this cautionary tale in the WSJ on the plight of cryoptocurrency firms and the exposure of unknowing investors.

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Russia received $62 billion from exports of oil, gas and coal in 2 months, with Germany being the largest importer, says this report in The Guardian. The higher oil prices more than make up for the reduction in oil exports.

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In contrast to early in 2022 chip inventories are swelling at the beginning of 2023, as consumers are shifting their purchases away from electronics products and automobiles. Banks interest rates on auto loans reached a high of 8.5% by Jan 2023.

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Richard Williams looks at Pele's long career playing for Santos and Brazil in The Guardian. Pictures show him radiating the simple joy of the game in a way that few soccer players had done before and since then.

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This WSJ report shows that inflation and inflation expectations in the US may have peaked by July 2022. Gasoline prices have fallen from a mid May high of $5.02 a gallon by 10% and wheat futures prices are down 37%.

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European Union GDp growth was 4% higher than a year earlier in the second quarter of 2022, according to EU statistics agency. On an annualized basis this is 2.8% higher than the 2.0% in the first quarter of 2022.

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Employers added 236,000 jobs in the US in March 2023, a moderately strong jobs report, with unemployment dropping to 3.5%. It showed wage growth easing. Average hourly wage increase moderated to 4.2%. The unemployment rate for black workers fell to 5%.

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General practitioner physician in Edinburgh, Gavin Francis, describes the mental health issues that are now common. He says they come in the form of panic and anxiety that are leaching into everyone's lives like a second pandemic.

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World Central Kitchen a major relief agency for food aid to Gaza is now in difficult conditions in supplying food aid to Gaza after bombing leading to deaths of  aid workers. The US and EU make condemnations of the incidents.

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FR24 gives this video and account of how Giorgia Meloni channeled Italy's conservative voter sentiment and sentiment on the right to win 26% of the vote to form a new government with Mr. Berlusconi and Mr. Salvini.

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Raised by a single mom on a disability pension who was determined to give her son a university education, is how Anthony Albanese described himself in his first speech after winning Australia's 2022 election and forming a Labour government.

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A French Appeals Court upholds a 2019 verdict of penalty on Swiss bank UBS for helping wealthy clients in France evade taxes. The court ordered UBS to pay $2 billion, reducing the earlier penalty from $5 billion.

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Blinken flies to Saudi Arabia as US strikes Houthi rebel missile systems targeting the shipping lanes in the Red Sea along Yemen (formerly Aden). The US seeks to bring the Gaza war to a close and negotiate a settlement.

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The UN World Population Fund India study shows the Dashboard for India in 2023- a population of 1.428 billion and information on fertility rate, school enrollment, women's health. These numbers come from UN agencies and are updated annually.

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RFK Jr Independent candidacy could take votes away from both Democrats and Republicans. His anti-vaccine stand is closer to a section of Republicans and his family name relates to Robert F Kennedy and the Kennedy family of Democrats.